labels: economy - general
Steel-makers come under US glare news
Our Economy Bureau
05 November 2001
Mumbai: Three Indian cold-rolled steel manufacturers are among the steel companies from 19 other countries being investigated by US authorities on charges of dumping. These three Indian companies are Uttam Steel, Ispat Industries and Tata Steel.

The companies have been charged of selling products at artificially low prices, which has adversely affected the prospects of American steel companies. The US International Trade Commission has been assigned the task of investigating allegations made by US steel mills. If proved, the Indian companies will face an anti-dumping and countervailing duty of up to 184 per cent.

Of the three named, Uttam Steel and Ispat Industries are the main ones being investigated, as the two exported about 48 per cent and 40 per cent of the total Indian exports of CR products to the US between July 2000 and June 2001. Cold-rolled steel products include items like galvanised steel, colour-coated steel and electrical steel sheets, used in consumer durables, automobiles, heating systems, ventilation systems and air-conditioners.

Though the move has raised eyebrows within the Indian cold-rolled steel manufacturers, they are not unduly worried about the impact the move will have on the domestic industry. This is because of the fact that Indian steel constitutes a very small portion of exports, of the order of around 25,000 tonnes, and manufacturers feel the domestic market would be able to absorb the excess supply.

The total imports of CR products by the US stand at 1,60,000 tonnes. The major players in the domestic CR market are Tisco, Bhushan Steel, Sail, Uttam Steel, Tube Products, Ruchi Steel, Vardhman Steel and EBG India. The total installed capacity of CR products in India is 5.5 million tonnes.

 


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Steel-makers come under US glare